Mark,
I woudn't have taken this trade, but for my system, which is pretty darn good. I still don't know whether this trade will be a winner or loser. Judging by the posts on this board, looks like no one is prepared for a rally or positioned in that direction. Maybe they are right. Just an observation.....
My worry is always waiting for that last leg which never comes. So if the system says buy, just do it !
You know how to tell that the low is in? Wait for me to say, "We are getting close to a good low."
BTW, I didn't mean to hijack your thread (again); just "post-morteming" my trading for those who watch and want to learn from my mistakes.
I have a good rule: If they give you 10 points fast, take it. They gave me that an more and I didn't. That's mistake number too. The other was failing to step out on a couple time frames to look for targets. On the very short-term, my target was a good one, but one time-frame out, there was a much BETTER one about 1-2 points lower--right at a 10 point profit, too.
When I realized my mistake, I just snugged my stop. The weakness and the volatility made me not want to risk a loss when I got thrown off my game. Frankly, I'm pleased with that, too. I didn't get stubborn and force anything. Just minimize any potential damage (small gain instead of a big gain sucks but it's better than a loss), and step away and come at it again later with a clear head.
I think this a good practical approach. Do it when you get a bad execution, too, or whenever you make a material error of any sort (no, being wrong about the market is not an "error" for our purposes).
Mark
